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The Future of the Euro$
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Matthias Matthijs and Mark Blyth

Print publication date: 2015

Print ISBN-13: 9780190233235

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780190233235.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 26 September 2021

The Forgotten Financial Union

The Forgotten Financial Union

How You Can Have a Euro Crisis Without a Euro

(p.44) 3 The Forgotten Financial Union
The Future of the Euro

Erik Jones

Oxford University Press

Two narratives typify the economic and financial crisis that befell Europe: one emphasizes the single currency’s design flaws, the other focuses on the single market. While the two narratives are not mutually exclusive, the single currency narrative tends to garner more attention. To right this imbalance, Jones demonstrates that the failure to construct common institutions to safeguard Europe’s financial markets was itself a critical mistake. When Europe’s political leaders pushed for capital market integration and the liberalization of cross-border banking in the late 1980s and early 1990s, they failed to build common Europe-wide institutions to ensure financial stability. Instead, they held onto “national” institutions for regulation, supervision, resolution, and insurance. Thus the absence of a financial union was sufficient to bring about some sort of crisis. If Europe’s policymakers refuse to rectify the situation, the chapter concludes, they will have to relive the experience.

Keywords:   single market, regulation, supervision, resolution, insurance, Europe

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